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Transforming Corporate Spending Processes: T&E and AP Best Practices and Digitization

May 14 @ 8:30 am - May 15 @ 4:00 pm CDT

$1299

Every business or organization essentially has two financial flows revenue and expenses. Money coming in is, obviously, what keeps a business afloat and allows it to operate for any extended period. However, once the money comes into an organization, there needs to be a surefire way to track expenses and keep costs minimal and manageable. That’s why the spotlight is on transforming the travel and entertainment (T&E) and accounts payable (AP) processes. This two part seminar will explore modern best practices, the impact of digitization and the critical controls to consider for your T&E and AP processes.

Part 1 – T&E Best Practices and Process Transformation

Technology may have opened up new ways for individuals to connect, but there is still no substitute for face-to-face communication. U.S. companies collectively spend hundreds of billions of dollars each year on travel and entertainment. Considering that travel and entertainment spending also represents a big part of the typical company’s budget, the efficiency and effectiveness of managing employee expense reports can have a significant impact on an organization’s financial performance and profitability. And business travel is continuing to increase as evidenced by the statistics below.

  • Business travel is expected to grow to $1.6 trillion in annual spend by 2020 (GBTA).
  • Business travel is expected to grow 6% between 2018 and 2019 (Deloitte).
  • U.S. travelers took 462 million domestic business trips. This figure was forecasted to rise to 499.4 million by 2022. (Statista)
  • In 2017, the United Kingdom spent $50bn USD on business travel (Statista)
  • Business travel is increasing disproportionately. When surveyed in 2018, 77% of travel managers in India expected their company to spend more on business travel in 2019. In Spain, 25% of travel managers shared the same view (Statista)
  • The proportion of women business travelers is growing. In the US, 47% of business travelers are now women (CreditDonkey).
  • Business travel accounts for 22.2% of the contribution of travel and tourism to Europe’s GDP. Business travel in Western Europe grew 4% in 2017 versus 2016 (Spendesk).

Finally, to stress the value and importance of the T&E process, The Economist Intelligence Unit surveyed chief financial officers and other financial managers across the U.S., U.K., France and Germany earlier this year, and found that more than 60 percent lack complete visibility into company expenses. According to Coupa, which commissioned the report, the data revealed the importance of migrating T&E processes to the cloud, enabling digitization of expense data and allowing managers to gain visibility into that data.

Part 2 – AP Best Practices and Process Transformation

The accounts payable process can be very complex, but doesn’t have to be with the knowledge and implementation of best practices and automation. Regardless of a company’s size, the mission of accounts payable is to pay only the company’s bills and invoices that are legitimate and accurate. Best practices, internal controls and automation can reduce the complexity of the process and can ensure that payments are accurately made to a valid and compliant supplier.

This seminar focuses on the end-to-end accounts payable process, considers the linkage to the P2P process, and the impact of digitization. This seminar will also address the current trends in the accounts payable process which include eInvoicing, ePayment, Robotic Process Automation (RPA), Artificial Intelligence (AI) & Machine Learning, and eAccounting. This session will consider the implementation of these trends and how the accounts payable process can be modernized.

The accounts payable process or function is immensely important since it involves nearly all of a company’s payments outside of payroll. This seminar will provide the best practices, tools, and internal controls that will help to safeguard a company’s cash and other assets. The information and tools provided will establish the foundation required for current internal controls and compliance in order to:

  • Ensure that suppliers are validated in the supplier master file to ensure regulatory compliance
  • Prevent paying a fraudulent invoice
  • Prevent paying an inaccurate invoice
  • Prevent paying a supplier invoice more than once
  • Be certain that all supplier invoices are properly accounted for to ensure an accurate fiscal close

Learning Objectives

Part 1 – T&E Best Practices and Process Transformation

  • Understand all the components, dependencies and interdependencies of the T&E process.
  • Define the impact of the T&E upon the corporate payment process.
  • Determine how the T&E process should be organized for maximum efficiency.
  • Define the roles and responsibilities for the T&E process.
  • How to develop an embraceable and enforceable T&E policy.
  • Understand the types and impact of corporate credit cards.
  • Learn when and how to the use of the corporate cardholder’s agreement.
  • Define the details of the internal controls for a T&E process.
  • Understand what regulatory compliance means to the T&E process.
  • Identify the T&E metrics that will work the best for your T&E process.
  • Using T&E spend data for decision making
  • Learn how to transform empower your T&E team with digitization.
  • Define a blueprint for T&E digitization.

Part 2 – AP Best Practices and Process Transformation

  • Apply accounts payable best practices in a digitized world.
  • Determine how AP is a key component of the Procure to Pay (P2P) process.
  • Tap into the value of the AP process with best practices in the areas of metrics, analytics, and spend analysis.
  • Determine the process linkages and connection to the P2P process which includes supplier selection, contract & purchase order, supplier master best practices and the impact of good “front end” processes on the payment process.
  • Delve into the risks and controls needed to ensure compliance from supplier selection through invoice processing, payment and accounting.
  • Review the risks and internal controls for the AP process starting with the supplier onboarding process through the financial close.
  • Understand what regulatory compliance means to the AP process.
  • Define the key dependencies and the business partnerships needed to make the accounts payable process successful.
  • Obtain examples of AP policies and procedures.
  • Define blueprints for both AP and P2P digitization.

Who will Benefit:

  • Financial Officers
  • Controllers
  • Assistant Controllers
  • Shared Service Executives
  • Chief Procurement Professionals
  • Procurement Professionals
  • Risk Officers
  • Internal Auditors
  • AP Managers
  • AP Supervisors
  • AP Associates
  • Accounting Managers
  • Accountants
  • Payment Processors
  • T&E Professionals

Organizer

compliance online
Phone:
+1-888-717-2436
Email:
referral@complianceonline.com
Website:
https://www.complianceonline.com/

Venue

New York
Hilton New York JFK Airport Hotel
New York, NY 11436 United States
+ Google Map
Phone:
6476969880
Website:
https://www.longdom.com/bioenergy